A Dallas-based real estate private equity firm has acquired McCain Plaza in North Little Rock for $23.15 million.
TriGate Capital LLC is planning a multimillion-dollar renovation of the 289,731-square-foot shopping center, said Adam Aultz, vice president of the company.
"We're going to do a complete overhaul," he said. "The current owner has owned it for over 20 years, so we want to bring new life to the center."
Aultz said the renovation plans include tearing down a vacant movie theater and rebuilding the space to fit more retailers.
TriGate closed on its acquisition of McCain Plaza on June 10. The shopping center is 83 percent leased, with 18 tenants.
The anchor retailers at the shopping center are Burlington Coat Factory, Bed Bath & Beyond, Michaels, T.J. Maxx and PetSmart.
-- Jessica Seaman